Nearing trade deal with US: Commerce secy

EXPERTS SAID PROSPECTS OF A DEAL HAVE BEEN STRENGTHENED AFTER INDIAN REFINERS DECIDED TO CUT OR STOP RUSSIAN CRUDE OIL PURCHASES

- Rajeev Jayaswal

Trade talks between India and the US are “progressing well” and the two sides are “converging” on most issues, commerce secretary Rajesh Agrawal said on Friday, hinting that a mutually beneficial deal is imminent.

“I think we are very close,” Agrawal said, referring to the Bilateral Trade Agreement proposed by Prime Minister Narendra Modi and President Donald Trump on February 13. However, he did not provide specific details about the negotiations, including expected timelines.

According to the February 13 joint statement, the first tranche of the proposed BTA was expected to be concluded by the fall, which runs from September through November in the US.

A government official with direct knowledge of the matter said trade negotiators from both sides are in regular touch to iron out issues pertaining to non-tariff barriers and are currently sorting out the language of the draft agreement.